Virginia Lease to Own for Commercial Property
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FAQ
Lease automatically may renew on a month-to-month basis unless landlord or tenant gives written notice of non-renewal before the end of the set term.
A lease option allows the landlord to retain the legal title of the lease option property, without the mundane management responsibilities. Lease options are also an ideal way of securing long term tenants. Most lease-options are for an average term of between 7 and 10 years.
No, a commercial lease does not need to be notarized in Virginia in order for it to be legally binding; however, any party to the lease may request to have it notarized if they so choose.
Like some other states, Virginia only requires the signature of one party to be binding. If the landlord doesn't sign a lease that has been signed by the tenant, accepting rent has the same effect as signing the lease.
Recordation of Leases in VirginiaVirginia law requires that a lease for a term of more than five years be recorded, or it is void as to all purchasers for valuable consideration without notice of the lease and not parties to the lease itself, and as to all lien creditors.
A Virginia rent-to-own contract must adequately describe who will make repairs to and maintain the property during a lease. These responsibilities must be clearly outlined. If the consumer chooses to exercise a rent-to-own option instead of leasing, the consumer is responsible for repairs and maintenance.
There is not any pending federal legislation addressing commercial leases. Current Virginia COVID regulations effectively prohibit a commercial landlord from evicting a tenant through the judicial process but do not otherwise prohibit non-judicial commercial remedies and rights under a lease.
According to Virginia landlord-tenant law, tenants have the right to live in a habitable unit that complies with proper housing regulations. Additionally, tenants have the legal right to request required repairs if the unit has any kind of damage that exceeds normal wear and tear.
A Virginia rent-to-own contract must adequately describe who will make repairs to and maintain the property during a lease. These responsibilities must be clearly outlined. If the consumer chooses to exercise a rent-to-own option instead of leasing, the consumer is responsible for repairs and maintenance.
Notarizing the Deed of Lease is not necessary, but may serve as an alternate means of compliance. Compliance.